Following a protracted legal battle, the Western Cape High Court has provisionally ordered the liquidation of trading platform Banxso (Pty) Ltd.
Handing down the ruling, Judge Andre le Grange questioned the legality of the Banxso’s business model, following accusations that pensioner Carol Wentzel lost over R500,000 through the platform.
However, in a statement issued to the media on Friday afternoon, Banxso said it vehemently disagrees with the ruling and said the company would fight it with the greatest of urgency.
The company said it would pursue all legal remedies, including appeals, stressing that the liquidation ruling would have severe operational, economic and social consequences for its employees, service providers and…